Perspective
Oct. 4, 2011
Does your bank loan pass the securities test?
The Municipal Securities Rulemaking Board explains when its rules will apply to bank loans. By Hardy Callcott and Andrew B. Kales of Bingham McCutchen
The Municipal Securities Rulemaking Board has published Notice 2011-52 to alert municipal securities market participants of its view that, under existing legal principles, certain financings called bank loans may, in fact, be municipal securities. The MSRB cautions that parties playing a role in such financings without determining whether the bank loans are municipal securities may violate MSRB rules, as well as other federal...
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